I have a 2003 town&country van fully loaded very nice the KBB value is approx $11,500 for good condition. Which it is.
I owe 10,500 approx. I want to trade it in for another van.
With less mileage or maybe a smaller car I'm not sure yet .
I have a few questions:
1. If I decided to trade it at a dealership would they pay off the existing loan?
2. I dont have bad credit as far as paying my current bills. My past bills years ago that are on my credit consist of 3 medical bills but I am working to pay them off . I just had one of them posted as paid. I have a score of 573 through equi. All other accts are in pays as agreed. Although I do have one credit card that was in the high limite and I'm not sure if it has posted yet as being paid down.
3. I have had my van for 7 months and have until this month not had any late pymnts however this month I was late the full 30 days and so Im worried that will bring my score down and maybe even affect my chance at trade in
2007-11-04 14:04:02 · 3 answers · asked by thecrew74 1 in Cars & Transportation ➔ Buying & Selling
Oh well I guess I wont be doing that then. Hmmm
2007-11-04 14:26:43 · update #1
First off the dealership will give you the good trade value of you van, even if it is in excellent condition and has low mileage. This is why, the dealership must mark up the price and probably lower(haggling) it so that they make about $500-$1000 profit.
Second, If your credit score is below 650 you will probably have to go to a big volume dealer that can get you a loan. You will still probably have a high interest rate.
Third, Another problem is the short length of time of ownership and the negative equality that you will have. Having one late payment probably will not affect your score that much.
I would probably consider keeping hold of the van longer, but just remember that the value will keep going down for a while. Your credit will be getting repaired as long as you keep paying on time and work with your creditors.
I once too had a credit score of about 550-570 with credit card debt over my head and a auto repo on my record. I worked with the credit card companies and removed the debt and was put in good standing. I know have a credit score of above 650 and just financed a great car 2 years ago and a $100,000 house one year ago.
2007-11-04 17:01:03 · answer #1 · answered by sellandtrade 4 · 0⤊ 0⤋
thy will tack on what you owe on the old van to the loan on the new van.
your credit is low so they might not give you a new loan
2007-11-04 22:17:45 · answer #2 · answered by barry r 6 · 0⤊ 0⤋
ill tell you what will happen they will pay your van off and add it to your new car . bad thing is it will raise your car payment and they will give you the worse rate they can so you pay more for the new car
2007-11-04 22:13:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋